Indexo Real Estate Fund Demonstrates Rapid Growth in Baltic Market
The Indexo Real Estate Fund, managed by Provendi Asset Management, has experienced substantial growth since its establishment, nearly quadrupling its assets under management (AUM) in just two years. This expansion solidifies the fund’s position within the Baltic real estate market and establishes a strong foundation for sustained, long-term returns.
Significant AUM Increase
As of February 2026, the fund’s AUM has risen to EUR 175 million, a significant increase from EUR 48 million at the end of 2023. This growth is attributed to a targeted investment strategy and proactive portfolio management, including five new real estate investment transactions in the last 18 months, coupled with improvements to existing assets.
Strategic Acquisitions and Market Recognition
In 2025, the fund strategically expanded its portfolio through several key acquisitions. In Latvia, the shopping centers “Olimpia” and “Damme” were added, while in Estonia, the “Auriga” shopping center was purchased. These acquisitions enhance the fund’s regional presence and diversify its geographical holdings. The acquisition of “Olimpia” received industry recognition, earning the fund the Baltic Real Estate Leaders Forum (BREL) “Deal of the Year” award. According to Colliers Baltic data, the acquisitions of “Olimpia” and “Damme” ranked among the top three largest real estate investment transactions in the Baltics for 2025. [Source: Cobalt Legal]
Strong Financial Performance
The fund’s financial performance is underscored by its Net Operating Income (NOI), a key indicator of revenue generation from core activities, excluding financing and tax impacts. In 2025, the Indexo Real Estate Fund achieved an NOI of approximately EUR 9.6 million, with projections exceeding EUR 13 million for 2026. [Source: Cobalt Legal] These figures demonstrate both portfolio growth and efficient property management.
Future Growth and Expansion Plans
The Indexo Real Estate Fund aims to increase its AUM by approximately EUR 100 million annually, with plans to surpass EUR 200 million in the near future. A medium-term goal is to reach a portfolio value of approximately EUR 500 million. The fund will continue to focus on cash flow-generating properties in the retail sector while actively exploring opportunities in the office and warehouse segments, with expansion planned for Estonia and Lithuania. [Source: Indexo Real Estate Fund News]
Potential IPO
Provendi Asset Management is also exploring a potential Initial Public Offering (IPO) for the fund. The fund’s growth, predictable cash flow, and clear dividend policy are seen as foundational elements for a successful public offering. [Source: Indexo Real Estate Fund News]
About Provendi Asset Management
Provendi Asset Management AIFP, registered with the Bank of Latvia, manages the Indexo Real Estate Fund. The management team brings over 20 years of experience in investment, commercial banking, and real estate. [Source: Provendi Asset Management] The fund currently consists of 10 assets. [Source: Provendi Asset Management]